Chicago, April 21 – VersaBank sold an upsized offering of $75 million of fixed-to-floating-rate notes due 2031 in a Rule 144A and Regulation S transaction, according to a press release.
The notes start with a 5% fixed rate that converts to a floating rate on May 1, 2026. The floating rate is based on the Banker’s Acceptance Rate plus 361 basis points.
The offering was upsized from $50 million.
The notes can be redeemed at par plus interest any time after the reset date.
The notes will also be offered and sold on a private placement basis in Canada.
The proceeds will be used for general corporate purposes.
VersaBank is a Canadian schedule one chartered bank based in Ontario.
| Issuer: | VersaBank
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| Issue: | Fixed-to-floating-rate subordinated notes
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| Amount: | $75 million
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| Maturity: | May 1, 2031
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| Coupon: | 5% fixed rate until May 1, 2026 when rate converts to floating rate based on Banker’s Acceptance Rate plus 361 bps
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| Call features: | Any time after May 1, 2026 at par plus interest
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| Trade date: | April 21
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| Settlement date: | April 30
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| Distribution: | Rule 144A and Regulation S
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